Closing Bell: Nifty crashes below 22,200, Sensex tanks 2,227 pts in worst crash in 10 months

Indian equity indices ended on a weak note with Nifty below 22,200 on April 7 amid selling across the sectors. At close, the Sensex was down 2,226.79 points or 2.95 percent at 73,137.90, and the Nifty was down 742.85 points or 3.24 percent at 22,161.60.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

After US markets plunged on Friday, it was writing on the wall for other global equity indices which fell like a pack of cards amid fears that Trump's policies on reciprocal tariffs may lead to recession and higher inflation in the US going ahead. Already, commodity prices of crude oil and several metals are seeing a downward slide, which is an indication of a slackening demand if the current trend persists. With Dow Futures indicating a precarious start for US markets on Monday, equity benchmark indices worldwide could be in for a rough ride on Tuesday as well.

The market tumbled as the carnage over high US tariffs and the retaliation by other countries may kickstart a trade war. Sectors like IT and metals have underperformed relative to the broader market due to the risk of high inflation with slower growth that may result in a potential recession in the US. Though the overall impact on India may be limited when compared with other countries, investors are advised to play cautiously during this fray. Focus will be on pure-play domestic themes, where the rebound is likely to be fair when the dust settles.

Trump's tariffs triggered a global equity meltdown, and the Indian markets were no exception; starting the week on a highly negative note and a gap-down opening of over 1,000 points. After a brief recovery, the markets traded in a range before closing at 22,161.60 with significant losses of 742.85 points. Selling pressure was relentless across all the sectors, with Metal and Realty segments witnessing substantial corrections. With a steep decline of over 3.50%, Mid and Smallcaps underperformed the Frontline Index.

The immediate support for the Index is seen at 21,750, while resistance lies around 22,300. In the short term, the market's direction is likely to rely on the development around the tariffs; with any positive news potentially triggering a sharp recovery. On the other hand, continued negative sentiment could push the market to lower levels.

Indian rupee ended 61 paise lower at 85.84 per dollar on Monday versus Friday's close of 85.23.

Indian equity indices ended on a weak note with Nifty below 22,200 on April 7 amid selling across the sectors.

At close, the Sensex was down 2,226.79 points or 2.95 percent at 73,137.90, and the Nifty was down 742.85 points or 3.24 percent at 22,161.60. About 559 shares advanced, 3372 shares declined, and 137 shares unchanged.

Biggest Nifty losers were Trent, Tata Steel, JSW Steel, Hindalco Industries, Shriram Finance, L&T, while gainer was Hindustan Unilever.

All the sectoral indices ended in the red with Metal index shed 6.7 percent, Realty Index dwon 5.6 percent, and media, PSU Bank, Auto, Energy, and IT down 2.5-4 percent.

BSE Midcap and Smallcap indices shed 3.4 percent and 4 percent, respectively.

Indian Rupee declined on risk-off sentiments in global markets and a strong US Dollar. Global markets tanked on Monday amid ongoing trade tariff issues. FII outflows also pressurised the Rupee. However, weak crude oil prices cushioned the downside.

We expect the rupee to trade with a negative bias as weak global markets and ongoing uncertainty around trade tariffs may pressure the rupee. Selling pressure by FIIs may also weigh on the domestic currency. However, weak crude oil prices may support the rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 85.50 to Rs 86.20.

Adani Ports and Special Economic Zone has announced the commencement of operations at the Colombo West International Terminal (CWIT), located at the Port of Colombo.

The Sensex was down 2,547.82 points or 3.38 percent at 72,816.87, and the Nifty was down 835.10 points or 3.65 percent at 22,069.35. About 350 shares advanced, 3281 shares declined, and 94 shares unchanged.

Sun Pharmaceutical Industries has launched Fexuprazan tablets 40 mg in India under the brand name “FEXUCLUE”.

FEXUCLUE, a novel potassiumcompetitive acid blocker (PCAB), is approved as a new treatment for adults with Erosive Esophagitis of all grades.

Sun Pharma has obtained rights from Daewoong Pharmaceutical Co Ltd, Korea, a biopharmaceutical company, to manufacture and commercialise FEXUCLUE in India. As per agreement terms, Daewoong will be entitled to upfront and milestone payments, including royalties.

The Dubai International Financial Centre (DIFC) has approved the incorporation of Motilal Oswal International Wealth Management (MOIWML), the wholly owned step-down subsidiary of Motilal Oswal Financial Services. MOIWML will engage in arranging deals in investments, advising on financial products, and arranging custody.

Indian rupee is trading 62 paise lower at 85.85 per dollar versus Friday's close of 85.23.

Lloyd, a leading consumer durables brand from Havells India, is elevating its product offering with a new line-up of luxury cooling solutions with the launch of the Lloyd Luxuria Collection.

#1 Q4FY25 disbursements up 27 percent QoQ & 7 percent YoY at Rs 2,020 crore

#2 Strong Q4FY25 seasonality for HFCs

#3 Q4FY25 AUM up 6 percent QoQ & 18 percent YoY at Rs 20,400 crore

#4 Added 24 branches in Q4, total 397 branches

#5 Liquidity: Rs 3,220 crore as of Q4FY25

Indian rupee is trading 60 paise lower at 85.83 per dollar versus Friday's close of 85.23.

The Board has approved the issuance of commercial papers up to Rs 600 crore in one or more tranches on a private placement basis.

Shalini Warrier has resigned as Executive Director of the company. The Board decided to relieve her on any date between May 15 and May 31.

Dhavan Shah, the Country Head of SME Banking, and Akshay Sapru, the Country Head of Private Banking & Liabilities Products & Spectrum Banking Business, have quit Yes Bank, which may lead to a portfolio reshuffle among senior executives at the bank, reports CNBC-TV18, citing sources.

The company's subsidiary, Starworth Infrastructure and Construction, has received a Letter of Intent (LOI) from Ranka Properties for a project—Ranka Ankura—worth Rs 118.63 crore.

The company has acquired 2.62 lakh equity shares of Ample Foods for Rs 131 crore. With this, the company’s shareholding in Ample Foods aggregates to 43.75% of its share capital.

The board of directors of the company at its meeting held on April 04, 2025, declared first interim dividend of Rs 5.75 (575%) per equity share of Re 1 each for the financial year 2025.

The record date for the purpose of interim dividend will be April 15, 2025.

#1 Downcycle in energy demand unlikely but possible; could impact cashflows & multiples

#2 RIL has navigated downcycles better than peers, but multiples derate during low demand

#3 RIL’s NAV mix has evolved, becoming less cyclical; free cash flow engine remains strong

Total sales in March 2025 increased by 0.87% to 3,700 units compared to 3,668 units in March 2024. Domestic sales grew by 11.02% YoY to 3,606 units; however, exports fell by 77.62% to 94 units in March.

The company's subsidiary, L&T Energy Green Tech, has incorporated a new wholly owned subsidiary—L&T Green Energy Kandla (LTGEK)—for the development of green hydrogen and its derivatives.

The company has successfully commenced the commercial production at its newly established Unit-3 located at Block No.251, Plot No.B-2, Royal Industrial Park, Vill- Moti Pardi, Ta. Mangrol, Surat - 394120, Gujarat, India w.e.f. April 07, 2025.

Edelweiss Financial Services announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,000 each for an amount up to Rs 1,000 million, with a green shoe option of up to Rs 1,000 million, cumulatively aggregating up to Rs 2,000 million.

Today’s fall is driven by macro and geopolitical risk led by tariffs slapped by the US government. The proposed tariffs are likely to trigger a consumption shock in the US, leading to a global supply glut and slowdown in major commodities. Given the US's central role in global trade—particularly with Europe, Japan, China, and the broader Far East—the resulting excess supply is expected to spill over globally, contributing to supply-side deflation.

Indian equities may experience near-term volatility driven by global risk-off sentiment, but the country's strong macro fundamentals remain intact. Robust domestic demand and ongoing trade realignment continue to position India favorably for the long term. We anticipate a healthy recovery following the initial market correction.

The recent U.S. announcement of reciprocal tariffs excludes key sectors such as generic pharmaceuticals, agriculture, energy, and select minerals, shielding them from direct impact. Additionally, sectors driven by domestic consumption and with minimal export exposure are likely to remain unaffected.

Conversely, export-oriented sectors like Auto and IT/ITES could face pressure due to their higher dependence on international markets.

#1 Owns 11 hotels in India & Maldives + 4 annuity assets in Pune

#2 Underperformance concerns but strong balance sheet & healthy FCF

#3 Downside risks include lack of growth & continued underperformance

The Sensex was down 3,266.50 points or 4.33 percent at 72,098.19, and the Nifty was down 1,054.35 points or 4.60 percent at 21,850.10. About 264 shares advanced, 3289 shares declined, and 99 shares unchanged.

#1 US tariffs could benefit Dixon with higher tariffs on China, Vietnam, Thailand

#2 Domestic market-driven growth: import substitution, customer addition, rising share

#3 Expect strong FY25 Q4 growth, albeit lower than consensus expectation

Jaguar Land Rover said it would pause shipments to the US in April in the wake of President Trump’s tariffs.

The Government of India has decided to exercise the oversubscription option to the extent of 47.69 lakh shares (1.18% stake) in the offer-for-sale issue of Mazagon Dock on April 7. This is in addition to the base issue size of 1.14 crore shares (2.83% stake). Retail investors will get a chance to bid for the offer-for-sale issue on April 7.

The real estate developer has entered into an agreement for the development of a prime land parcel in Versova, Mumbai, with an estimated developable potential of 4.4 lakh square feet of saleable area and an estimated revenue potential of Rs 1,350 crore.

#1 Total business grows 8.4% to Rs 13.25 lakh crore Vs Rs 12.22 crore, YoY

#2 Total deposits increase 7.1% to Rs 7.37 lakh crore Vs Rs 6.88 lakh crore, YoY

#3 Gross advances rise 10.1% to Rs 5.88 lakh crore Vs Rs 5.34 lakh crore, YoY

Sterling Holiday Resorts announced the launch of Sterling Borderland Amritsar, marking the brand’s foray into the state of Punjab.

With this opening, Sterling expands its footprint to 53 destinations across India, spanning hills, beaches, jungles, heritage hubs, and spiritual centres.

The audit committee of the board at its meeting held today, has approved a transaction for sale of a property situated at Gottigere Village, Uttarahalli Hobli, Bangalore South Taluk for a consideration of Rs 31,00,00,000.

#1 Weak Quarter: deposit/loan growth slowed to 7 percent/1 percent YoY

#2 Significant market share loss

#3 Awaiting margin & asset quality details, especially in MFI segment

Indian rupee is trading 58 paise lower at 85.81 per dollar versus Friday's close of 85.23.

#1 Acquisition of Ecom Express seen as a consolidation step

#2 Key To Value Realisation: revenue retention, cost structure reduction & lower capex, shifting power balance towards 3PL companies

#1 Wholesale volumes up 1.1% YoY at 1.11 lakh units

#2 North America wholesale volumes up 14.4% YoY

#3 Flat retail sales for FY25 amidst global demand fluctuations

The Sensex was down 2,943.72 points or 3.91 percent at 72,420.97, and the Nifty was down 949.25 points or 4.14 percent at 21,955.20. About 265 shares advanced, 3251 shares declined, and 98 shares unchanged.

#1 Beauty & personal care GMV growth expected in low 30s YoY (Nomura: 32 percent/31.7 percent for Q4FY25)

#2 Net revenue growth in mid-20s YoY (Nomura: 25.3 percent/25 percent for Q4FY25)

#3 Fashion GMV growth expected in high teens YoY (Nomura: 10.5 percent/11.1 percent for Q4FY25)

#4 Consolidated revenue growth of approximately 26 percent YoY for Q4FY25, with some downside risks

#1 Gross disbursement jumps 25.1% to 14,250 crore Vs Rs 11,393 crore, YoY

#2 Assets under management grew by 26% to Rs 1.14 lakh crore as of March 2025 Vs Rs 91,370 crore as of March 2024, YoY

#3 Assets under management in Q4 grew by approximately Rs 6,365 crore, YoY

#4 Loan assets stood at Rs 99,500 crore as of March 2025 compared to Rs 79,301 crore as of March 2024, YoY

#1 Consolidated revenue growth of approximately 37% in Q4FY25

#2 India operations witnessed revenue growth of approximately 39% during Q4 FY2025 as compared to Q4 FY2024,

#3 Launches 25 Kalyan showrooms in India during Q4, and another 3 showrooms during the first week of April 2025

Trading volume has quadrapled and is at its three-month-high. "There are substantial benefits from economies of scale and from network & tech infrastructure consolidation,” say Citi analysts.

#1 Total Deposits increases by 6.9 percent at Rs 21,566 crore, QoQ

#2 CASA Deposits up 18.1 percent at Rs 4,692 crore, QoQ

#3 Gross Loan Portfolio up 3.2 percent at Rs 19,666 crore, QoQ

#1 Net advances grow 1.4% to Rs 3.47 lakh crore Vs Rs 3.43 lakh crore, YoY

#2 Deposits increase 6.8% to Rs 4.11 lakh crore Vs Rs 3.84 lakh crore, YoY

#3 CASA ratio drops to 32.8% Vs 37.9%, YoY

FADA March Data:

Total Sales Up 12% MoM &  Down 0.7% YoY At 21.26 Lk Units

2-wheeler Sales Up 11.45% MoM & Down 1.8% YoY At 15.08 Lk Units

CV Sales Up 12% MoM &  Up 2.70% YoY At 94,764 Units

The Sensex was down 2,824.82 points or 3.75 percent at 72,539.87, and the Nifty was down 916.40 points or 4.00 percent at 21,988.05. About 256 shares advanced, 3183 shares declined, and 94 shares unchanged.

#1 Consolidated net revenue growth expected to be in low to mid-twenties (YoY)

#2 The GMV (gross merchandise value) growth for beauty vertical expected to remain significantly ahead of industry at low thirties

#3 GMV growth for fashion vertical expected to be in high teens, with sequential improvement in core platform business

Metropolis Histoxpert Digital Services, a wholly owned subsidiary of Metropolis Healthcare, has entered into Business Transfer Agreement on Monday, April 07, 2025, with Dr. Ahujas’ Pathology & Imaging Centre (DAPIC – a partnership firm), Dr. Alok Ahuja and Dr. Alka Ahuja for the acquisition of their entire business as a going concern on a slump sale basis. The completion of the business acquisition is contingent upon the fulfillment of the condition’s precedent outlined in the BTA.

The total consideration for the acquisition of both the proprietorship firms and the partnership firm will amount to Rs 35.01 crore. The transaction is expected to be completed within 45 days from the date of signing of BTA.

#1 Achieved best ever quarter pre-sales of Rs 48.1 billion, up 14% YoY

#1 With this company achieved pre-sales of Rs 176.3 billion in FY25 (up 21% YoY), surpassing FY25 guidance and delivering sustainable, predictable 20% growth

#3 Collections were Rs 44.4 billion for Q4FY25, up 26% YoY, FY25 collections at Rs 144.9 billion, up 29% YoY

#4 Add two new projects in Pune with GDV of Rs 43 billion

Suprajit Engineering signed a strategic Licensing and Technology Transfer Agreement with Blubrake S.p.A.

Blubrake, an Italian company specializing in ABS for the European pedalec and speed-pedalec (electric bikes) segment.

Under this agreement, Suprajit is exclusively licensed to develop and manufacture Blubrake's innovative and patented Anti-lock Braking System (ABS) technology in India, China, South-East Asia, and Brazil for non-pedal-based vehicles.